DOGE Whales Accumulate Big as BTC ATH Looms and Bullish Sentiment Grows

• DOGE whales purchased 2B tokens in a week, controlling nearly one-fifth of the supply.
• Analysts expect DOGE to rally as BTC nears record levels and market conditions improve.
• RSI fall from 80 to 54 shows DOGE may have more room for upward movement.

Over the past week, large Dogecoin holders have purchased a massive amount of the meme coin, fueling talk of a potential rally. The accumulation comes as Bitcoin has reached a new all-time high, boosting optimism for other cryptocurrencies. Market observers are now watching DOGE closely for a possible breakout.

Whale Activity Surges in Dogecoin

Data from market analyst Ali Martinez shows that investors with holdings between 100 million and one billion DOGE acquired two billion tokens in seven days. Based on recent prices, this purchase is worth around $480 million. These holders now control 27.6 billion DOGE, about 18.3% of the circulating supply.

Such whale activity has raised speculation about their motives. Some traders believe it could be linked to expectations of the first spot DOGE ETF approval in the United States. According to Polymarket, the probability of this happening before the end of 2025 stands at 61%, down from 79% on August 10.

DOGE’s price has risen 17% over the past week to around $0.24. The combination of large purchases and a price uptick has attracted attention from both retail traders and analysts.

Analysts Point to Favorable Market Conditions

Moreover, Altcoin Sherpa, a crypto analyst, highlighted that DOGE has stayed under the $0.27 level all year. He believes the current environment supports a potential upward move in the near term. Sherpa also noted that Bitcoin’s strong performance could serve as a trigger for DOGE’s rise.

Bitcoin reached a fresh all-time high of over $124,000 only hours ago. Some analysts think DOGE could follow BTC’s rally, similar to past market cycles. Sherpa suggested a new all-time high for DOGE is likely once Bitcoin’s breakout strengthens further.

DOGE’s Relative Strength Index has also shifted from overbought levels. It dropped from above 80 on August 9 to 54, which traders say leaves room for more price growth. Levels above 70 often suggest an asset is overbought, while levels below 30 may indicate oversold conditions.

Comparisons to 2021 and Bold Price Targets

Crypto analyst CryptoKaleo compared DOGE’s current chart to the setup seen in January 2021. At that time, the coin experienced a rapid rise in value. He expressed confidence that a similar move could happen again, especially if corporate buyers enter the market.

Kaleo stated it is only a matter of time before companies purchase billions of dollars in DOGE. He even set a long-term price target of $6.9420, calling it a “magnet” for the market. While such projections remain speculative, his view has added to the growing discussion about DOGE’s potential trajectory.